In project risk management, what does the term 'mitigation' refer to?

Mitigation in project risk management refers to the strategies and actions taken to reduce both the probability and the impact of identified risks. This approach does not aim to eliminate all risks, as this is often impractical and can lead to missed opportunities. Instead, effective mitigation involves assessing which risks are manageable and then implementing measures that can lower their likelihood of occurrence or lessen their potential consequences should they occur.

For instance, if there is a risk that a project component might be delayed, a mitigation strategy could involve creating a more detailed scheduling plan or allocating additional resources. In this way, mitigation serves as a proactive measure to safeguard project objectives while still acknowledging that some risks may remain.